"Banks' Uber moment will mean a disintermediation of bank
branches rather than the banks themselves," the report said.

"Specifically, it will mean the shift to mobile distribution
being the main channel of interaction between customers and
the bank," the report reads.

That means that there will be less need for bank branches, and
the people who work inside them.

"We believe that there could be another ~30% reduction in
staff during 2015-2025," the report said (emphasis
added).

Bank staffing levels are already down significantly from their
pre-financial-crisis peak. The number of branch tellers in
the US is down 15% from its 2007 peak.

The Citi analysts predict a 40% to 50% staff
reduction from pre-crisis highs.

The job cuts Citi is describing would add up to more than 1.8
million job losses from current levels in the banking sector in
the US and Europe over the next 10 years.

Citi GPS

That's in line with former Barclays CEO Antony Jenkins' recent
prediction that pressure from the tech industry "will compel
banks to significantly automate their business" and "that the
number of branches and people may decline by as much as 50% over
the next years."

But there's a silver lining for certain bank employees.

"As more transactions are automated and done on a mobile phone,
we believe there will be a rebalancing of staff from
transaction-based roles to advisory-based roles," the analysts
wrote.